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401k Vs IRA Explained & How To Start Saving NOW
Posted
April 28, 2021
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April 28, 2021
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2:58Now PlayingAre you looking to save money for your future, but don’t know where to start? Let’s help you understand how to save money, how to save money for retirement, and if you should invest in a 401k or IRA.
Welcome back to Bold TV with David Grasso. Be sure to like, subscribe, and hit the notification bell for all things Bold.
Here at Bold TV we want to make sure we’re covering all things finance and investing for beginners so everyone knows how easy, and not to mention important, this can be in your own life.
Saving for retirement is something everyone should consider as early as possible, and there are multiple ways to do this. Two big options are a 401k, Roth 401k, and an IRA, or Roth IRA. Both of these are ways to begin investing in your retirement.
What is an IRA? What is a 401k?
The main difference between a 401k and an IRA is this:
A 401k comes from your employer at your job.
An IRA doesn’t come from a job, you open it independently through a bank or a broker.
Both options come with great tax benefits, and you’re never going to want to turn down a 401k especially if your company matches your contributions. This means companies will match your contributions dollar for dollar up to a certain limit.
Asking yourself how to decide which is right for you? Well, with a 401k, or Roth 401k, you cannot touch the money you put into it until you retire, or else the money will be treated as regular taxable income plus penalties. It’s more of a “set it and forget it” option.
If you want to have more control over your money, consider an IRA, or Roth IRA. This gives you wider investment options, while still receiving the tax benefits. There are two different options, a traditional IRA, and a Roth IRA, and the main difference is how and when these accounts are taxed.
What do you think? Want more ways to learn how to save money? Asking yourself, "How should I invest?", and want more tips in investing for beginners? Let us know in the comments!
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